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Archive for October, 2010

Daily Forex Analysis – October 18, 2010

Monday, October 18th, 2010

USDCAD Analysis.
USDCAD breaks above the falling price channel on 4-hour chart, suggesting that lengthier consolidation of downtrend is underway. Further rally towards 1.0232 key resistance is expected in a couple of days. As long as 1.0232 resistance holds, downtrend is expected to resume, and one more fall towards  0.9930 (Apr 21 low) is still possible. However, a break above 1.0232 will indicate that the fall from 1.0672 has completed at 0.9979 already, then the following upward move could bring price to 1.0600 area.

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Video: The Versatility of the Wave Principle

Saturday, October 16th, 2010

In the video below, EWI senior analyst and trading instructor Jeffrey Kennedy shows how the Wave Principle can help you identify a high-probability trade set up regardless of the direction of the larger trend.

This timeless educational video was taken from Jeffrey’s renowned Trader’s Classroom series and is being re-released because of its valuable lesson. If a few minutes isn’t enough, get more FREE practical trading lessons from Jeffrey Kennedy in his latest eBook.

Daily Forex Analysis – October 15, 2010

Friday, October 15th, 2010

USDCHF Analysis.
USDCHF’s downward move extended to as low as 0.9463. Minor consolidation would more likely be seen in a couple of days. Resistance is at the upper boundary of the falling price channel on 4-hour chart, as long as the channel resistance holds, downtrend is expected to resume and another fall to 0.9400 is still possible.

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Daily Forex Analysis – October 14, 2010

Thursday, October 14th, 2010

GBPUSD Analysis.
GBPUSD rebounded strongly from 1.5755, suggesting that a cycle bottom is being formed on 4-hour chart. Now the rise from 1.5755 is more likely resumption of uptrend from 1.5296, further rise towards 1.6017 is possible later today, a break above this level will confirm that the uptrend has resumed, then next target would be at 1.6200 area. Key support is now at 1.5755, only break below this level will indicate that the uptrend from 1.5296 has completed at 1.6017 already, then the following downward move could bring price back to 1.5200 area.

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October Curse vs. Objective Analysis: The Choice Is Yours

Wednesday, October 13th, 2010

By Elliott Wave International

Over the weekend, I went shopping for Halloween decorations. In the store, one of the clerks was wearing a white T-shirt with a puff-paint rendering of the Dow Jones Industrial Average. The line representing prices was the color of blood red, dripping and splashed across the front. When I asked him what it was, he said "the October Curse."

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Daily Forex Analysis – October 13, 2010

Wednesday, October 13th, 2010

GBPUSD Analysis.
GBPUSD broke below the lower border of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.6017 level. Deeper decline to test 1.5669 key support could be seen, a breakdown below this level will indicate that the rise from 1.5296 has completed, then the following downward move could bring price to 1.5200 area.

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Daily Forex Analysis – October 12, 2010

Tuesday, October 12th, 2010

GBPUSD Analysis.
GBPUSD stays in a rising price channel and remains in uptrend from 1.5296. The price action from 1.6017 is more likely consolidation of uptrend. As long as the channel support (now at 1.5850) holds, we’d expect uptrend to resume, and another rise towards 1.6100 is still possible. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline to test 1.5669 key support could be seen.

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Daily Forex Analysis – October 11, 2010

Monday, October 11th, 2010

USDCAD Analysis.
USDCAD has formed a cycle top at 1.0232 level on 4-hour chart. Range trading between 1.0062 and 1.0232 would more likely be seen in a couple of days. Support is at 1.0062, a breakdown below this level will indicate that the downtrend from 1.0672 has resumed, then next target would be at 1.000 area. Key resistance is at 1.0232, a break above this level will suggest that the fall from 1.0672 has completed at 1.0062 already, then the following upward movement could bring price to 1.0600 zone.

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EWI’s Newest Service Picks ETFs: Interview with the Editor

Saturday, October 9th, 2010

By Elliott Wave International

Every trader or active investor at times wishes they could pick the brain of a pro that has "pulled the trigger" on real-money trades before.

EWI Director of Analysis Wayne Stough is one of these pros. For several years, several times per month, he’s been alerting his Flash service subscribers to opportunities in futures markets.

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Get Your Free Report: How to Use Bar Patterns to Spot Trade Setups

Friday, October 8th, 2010

Our friends at Elliott Wave International, the world’s largest market forecasting firm, have just updated their free report, How to Use Bar Patterns to Spot Trade Setups. With thousands of downloads, “Bar Patterns” has always been a huge hit with traders. But now it’s been packed with even more ways you can use common bar patterns to spot high-probability trading opportunities: 30 charts across 15 pages!

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